Western nations that are trying to punish others with economic sanctions are overestimating their strength, Russian President Vladimir Putin said during the Eurasian Economic Forum on Thursday.
“More and more countries in the world want and will pursue independent policy,” he said at the international event. “No ‘world policeman’ can halt this natural global process. No one is that strong.”
“They face challenges inside their nations, and I hope they realize that this policy has absolutely no prospects,” the Russian leader said, referring to the US and its Western allies.
Russia became the world’s most sanctioned nation after the West retaliated against it for attacking Ukraine in February. The restrictions were touted by officials as a way to inflict a cost on Russia and destabilize its economy to coerce Moscow into a retreat.
However, many nations refused to join the sanctions drive, including NATO member Turkey.
Global markets, which were already under pressure due to the Covid-19 pandemic and the disruption of supply chains, have been further destabilized by the stand-off. Many Western nations have experienced levels of inflation unseen in decades as energy and food prices have surged on the uncertainty.
The event where Putin made the remarks was organized by the Eurasian Economic Union, a regional economic integration organization comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia as members.
In his opening speech, the Russian leader explained how his country had no intention of shuttering its economy to the rest of the world.
He also reported how Russia was dealing with the sanctions, including by replacing crucial imported products with domestically-produced replacements.